Updated almost 8 years ago on . Most recent reply
Understanding RE terms
What does this all exactly mean? thank you for your help.
ALL CASH, NEW LOAN OR ASSUME EXISTING 5% INTEREST/30 YEAR FULLY AMORTIZED LOAN WITH APPROX. $176,000 BALANCE (8% INTEREST STARTING IN SEPTEMBER 2018). NO ASSUMPTION FEE!
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Jon Holdman
#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Get a loan. The listing allows for either getting a new loan or assuming the existing one. The terms on the existing loan don't look too good, though. But maybe easier than getting a new one. Be careful that you're not paying too much for the property because of the (potential) ease of getting the loan.